Indo-Russian Relations
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De-Dollarisation on the Move: India's 'Reliance Industries' to Buy Crude in Roubles

© Sputnik / Maksim Bogodvid / Go to the mediabankAn oil pump is seen in Almetyevsky District, Republic of Tatarstan, Russia
An oil pump is seen in Almetyevsky District, Republic of Tatarstan, Russia - Sputnik India, 1920, 28.05.2024
Indian refiners are pushing to sign long-term contracts with Russian crude suppliers with a thrust on making payments in either Roubles or INR.
With India and Russia keen to expand their de-dollarisation exercise, the South Asian nation's Reliance Industries Limited conglomerate, the owner of the largest refining complex on the planet, has inked an annual contract with the Eurasian country's Rosneft to make payments of its crude purchases in Roubles, a report published in Reuters noted on Tuesday.
According to the terms of the deal, Reliance Industries will procure a minimum of 3 million barrels per month from the Russian oil firm.

The long-term agreement between Reliance and Rosneft offers the former discounted rates on supplies of Russian oil with supply cuts expected to be announced by the OPEC+ group.

Moving away from the US dollar as a mode of payment for commodities has been a key focus of both Indian Prime Minister Narendra Modi and Russian President Vladimir Putin, with both leaders urging their trading partners to focus on making payments in national currencies.
Among other currencies that Indian state-run oil companies and Reliance have used to pay Russian crude suppliers are INR, UAE Dirhams, and Chinese Yuan.
It is worth noting that since the West imposed unilateral financial sanctions on Moscow in February 2022, India has emerged as the second-biggest buyer of Russian oil.
Last month, India imported 1.8 million barrels per day from Russia, taking its contribution to India's oil basket from 32 percent to 38 percent.
An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022, one of the largest facilities for oil and petroleum products in southern Russia. - Sputnik India, 1920, 24.05.2024
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